Personal Loans Made Simple with Textlocal and George Banco
In our latest blog we will be looking at one of our business partners, Textlocal and why they are so integral to helping George Banco continue to develop into an effective and streamlined business for our customers from start to finish.
A huge challenge throughout our industry is clear communication with customers and guarantors, because, as you can imagine, prospective customers are keen to understand whether they have been successful during the application process. Further to this, successful loan applicants require activation codes and regular updates as to the progress of their personal loans or guarantor loans.
So the challenge was: how do we stay in touch effectively with so many communication channels available today?
The answer was clear to us from the start, thanks to the George Banco Board of Directors’ 120 years previous experience of consumer finance lending, and the answer was‚Ä¶ text.
When you look at the statistics* it is actually clear why text is a superior mode of communication for the personal loan industry:
- Only 20% of marketing emails on average are opened and read, compared to 97.5% of text messages being opened and read within 5 seconds of being received
- 91% of mobile users use their phone primarily for SMS in comparison to 46% for email, 45% for browsing, 41% for apps and 37% for social messaging
- SMS-based reminders – 55% of people appreciate a reminder about important information and dates
- SMS order confirmations – 41% of people love to receive SMS booking and order confirmations
- SMS based offers – 38% want to receive deals and offers via text message
- SMS alerts and announcements – 10% find it useful to be updated with live updates
- 99.9% of all text messages will be read
- SMS average response is 28% compared to 2.6% for direct mail
*Source: The Customer Mobile Experience Report from Textlocal
Textlocal have a great infographic detailing the above statistics and more besides.
George Thomas, George Banco Sales Director commented;
Textlocal provides an integral part of George Banco’s market leading consumer finance application form through their range of SMS tools. Textlocal services provide an excellent platform to communicate certain verification processes together with an effective tool to inform customers of their loan status and performance.
Through the use of Textlocal’s fantastic suite of tools, George Banco have most importantly been able to increase customer satisfaction levels, which is reflected on our Trustpilot reviews page, as well as increasing overall personal loan customers.
We will continue to grow and develop the way in which we help our customers, making everything as clear and simple as possible from enquiry to final loan repayment.
If you would like to know more about the process and whether you are eligible for a personal loan or guarantor loan from George Banco, click the GET STARTED button at the top of the page.
Alternatively you can call 01225 941 941 to speak to one of our customer service representatives.